COLORADO SPRINGS, CO - (NewMediaWire) - January 14, 2016 - Gold Resource Corporation (NYSE MKT: GORO) (the "Company") today announced preliminary 2015 fourth quarter and year-end mill production. The Company produced approximately 29,644 gold ounces and 2,506,000 silver ounces for the 2015 year, which achieved its revised annual production targets. Gold Resource Corporation is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA. The Company has returned over $108 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
Preliminary production for the 2015 year was approximately 29,644 gold ounces and 2,506,000 silver ounces, meeting its revised annual production targets of 29,600 gold ounces and 2,500,000 silver ounces. Fourth quarter gold and silver production totaled approximately 7,684 ounces and 573,726 ounces respectively. Production on a precious metal gold equivalent (AuEq) basis was approximately 15,548 AuEq ounces for the fourth quarter at an actual 73.0 silver to gold ratio and 63,963 AuEq ounces for the year ended December 31, 2015 at an actual 73.1 silver to gold ratio. Annual base metal production included approximately 1,310 tonnes of copper, 4,174 tonnes of lead and 13,900 tonnes of zinc. Base metal production is not reported in the Company's precious metal AuEq production results, as the Company uses revenues generated from base metal sales as a by-product credit to offset against its total cash cost measure. Only precious metals are considered in the Company's AuEq production calculations.
Full financial results for the fourth quarter and fiscal year-end 2015 will be available in the Company's annual report on Form 10-K to be filed with the Securities and Exchange Commission.
"We are pleased with the Company's fourth quarter production results, ending 2015 on a positive note with production increases in gold, silver, copper and zinc over the third quarter," Gold Resource Corporation CEO and President, Mr. Jason Reid, stated. "2015 was another challenging year for metal markets, the industry and the Company. Although management and the Board recently made the decision to reduce the dividend as average metal prices continue to fall year-over-year, we are proud to continue paying our shareholders a monthly dividend throughout this tumultuous metals market all the while not raising capital or diluting shareholders. The Company is currently finalizing its 2016 production Outlook again with the goal to conservatively weather what could be another difficult year for metals. It has been positive to see gold and silver prices move up the first few weeks of 2016 and we are optimistically positioning the Company to prosper when metal prices strengthen."
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in six potential high-grade gold and silver properties at its producing Oaxaca, Mexico Mining Unit and exploration properties at its Nevada, USA, Mining Unit. The Company has 54,266,706 shares outstanding, no warrants, no long term debt and has returned over $108 million back to shareholders since commercial production commenced July 1, 2010. Gold Resource Corporation offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's 10-K filed with the SEC.